On the morning of July 31, the U.S. stock market initially rallied but soon shifted into a downward trajectory. The S&P 500 index saw its gains of 0.7% turn into a 0.5% loss, while the Dow Jones Industrial Average reversed from a 0.4% increase to a 0.4% decrease. The Nasdaq Composite, too, changed from a 1.3% rise to a roughly 0.5% decline. In addition, the Philadelphia Semiconductor Index dipped by 0.2%, and the Biotechnology Index plummeted by 2.6%.
